1. Purpose of this document
To enable us to agree on and record what advice is to be provided.
My preference as a Financial Adviser is to provide you with a personalised financial adviser service. This requires me to make reasonable enquiries of you, to ensure I have an up-to-date understanding of your financial situation, needs, goals and tolerance for risk. This scope of advice defines the advice and services you have engaged me to provide.
2. Services to be provided
You are engaging me to provide the financial adviser services
Scope of Service
What I need from you so I can give you the right advice:
The advice I give is based on an analysis of the information you provide.
- You need to provide me with all information you know that is relevant to the services that I will be providing for you including information about your financial situation, needs, goals and tolerance for risk.
- You need to notify me if your personal circumstances change during the advice process – both at this initial stage and on an on-going basis.
- You need to notify me of any changes to your contact details, especially telephone numbers and email addresses.
If you are unsure or uncertain why certain information is being requested – please ask me to clarify.
Any information gathered for this service and used in any associated advice reports is personal and will be kept confidential and secure. You have a right under the Privacy Act 1993 to obtain access to, and to request correction of, your personal information. Information provided by you, or your authorised agent, will be used by me and any members of my staff for the purpose of providing advice to you.
- A product or service provider when implementing any of my recommendations or alterations to recommendations.
- compliance advisers, assessors or by any claims investigators who may need access to such information
- other professionals such as your solicitor, your accountant, your finance broker, and/or your financial planner when their services are required to complement this advice and as requested by you, and the Financial Markets Authority or other regulatory bodies for the purposes of ensuring that I have complied with legal and regulatory obligations
3. What we will not provide
- We will not audit or independently verify the information supplied.
- We will not express any kind of opinion on the accuracy of the material we compile or its suitability for any purpose.
- We will not accept liability in negligence for any reason, to anyone but you. A disclaimer to this effect will be included in our written tax advice.
- Our maximum liability for services rendered under these Terms of Engagement will be limited to the fees paid to us for the work provided.
- Our remuneration is not our profit. It is the revenue from which we attend to our company affairs, pay salaries, rent, expenses, and taxes, and attend to all Services on your behalf. This remuneration is earned in various ways.
- Unless we tell you otherwise, in accordance with normal market practice we will be remunerated by commission from the insurer when you enter into a Policy that we arrange (including when a Policy is renewed and, in some cases, when a Policy is varied).
- The commission in most cases is a percentage of your insurance premium (excluding government charges, levies , taxes and insurers policy fees). Some insurers may pay us more than others and some may pay us more than one type of commission. The rate of commission can vary according to the type of insurance and cover provided, and the way the transaction is arranged.
- In some cases we may also receive commissions or other remuneration from an insurer based upon volume or the profitability of insurance placed across a portfolio with that insurer over a period of time.
- We may also: (a) pay a fee to a party who has referred you to us and pay this fee out of the commission received from insurers and/or fees you pay to us; (b) earn a fee if we have referred you to another party that performs work for you; (c) receive non-financial benefits from insurers such as, for example, training grants, conference fees, equipment, social functions, gifts and gratuities.
5. Extent of Our Liability
- If you are a “consumer” for the purposes of the Fair Trading Act 1986 and Consumer Guarantees Act 1993, nothing in these Terms excludes, restricts or modifies the application of any provision, the exercise of any right or remedy, or the imposition of any liability that we may have under the Fair Trading Act 1986 or the Consumer Guarantees Act 1993.
- We make no representation or warranty concerning, and will not be responsible for, the solvency or ability of any insurer to pay claims.
- If your insurances were arranged by another party prior to our appointment: We will not be responsible for the adequacy or appropriateness of such insurances for your needs, prior to our review and the implementation of any changes we recommend.
- We will not be responsible for the actions of any insurer or its ability or willingness to pay claims, return premiums, or meet its other financial or legal obligations.
- Subject to clause 5.1 and notwithstanding clause 5.4, in no event will we be liable for any indirect, special or consequential loss, or for any loss of business, loss of profit or loss of data, however arising.
6. Disclosure of Interest
We make every attempt to manage appropriately any situation in which there may be a conflict of interest. Should we become aware of a situation where a conflict of interest could arise, we will disclose it to you.
7. Complaints and Disputes
- If you are not fully satisfied with our services please contact us in writing, addressed to “The Manager” and provide details of your complaint. Your complaint will be acknowledged in writing and we will endeavour to resolve any issues in a timely manner in accordance with our internal complaints process.
- If you remain dissatisfied, you have the right to refer your complaint to
The Insurance and Savings Ombudsman - www.ifso.nz
- Either party may terminate these Terms of Engagement by giving written notice of cancellation to the other party, such notice to be effective on the date specified in it, which may be immediately.
- You acknowledge that providing us with a cancellation of service notice under clause 8.1 will only terminate our provision of the Services to you and it will not terminate your Policies. We are not able cancel any of your Policies without specific written and signed instruction from a person/persons who is/are authorised as being named as policy owner/s in the Policy. This notification should include detail of the relevant Insurance company, Policy Reference and the Benefits being cancelled. You acknowledge that: (a) We may not be able to cancel a Policy without the insurer’s approval; and (b) some Policies contain a non-cancellation clause or cancellation penalties which, for the avoidance of doubt, you will be responsible for paying.
- We will keep all information you provide to us about you confidential and only disclose it in the normal course of negotiating, arranging and administering your insurance, except where disclosure is required by law or where the information is already in the public domain.
- Subject to your express consent in accordance with the Unsolicited Electronic Messages Act 2007, we may enter your details into our marketing database in order to send you email communications with regard to our business or the insurance industry. You may revoke such consent at any time, and we will remove you from our marketing database.
- Any failure by us to enforce any right or obligation under these Terms will not in any way limit or waive our right to subsequently enforce such right or obligation.
- If any part of these Terms becomes invalid or unenforceable for any reason whatsoever, the remaining terms will continue to apply, subject to any modifications as are necessary to continue to give effect to them.
- These Terms are governed by the laws of New Zealand and the parties submit to the exclusive jurisdiction of the New Zealand Courts.
- No cover or action by us shall be deemed to be taken or given until confirmed by us in writing.
Your information will be held by me at my office listed in my Primary Disclosure Statement.